[Congressional Record (Bound Edition), Volume 155 (2009), Part 9]
[Senate]
[Page 12455]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 CREDIT CARDHOLDERS' BILL OF RIGHTS ACT

  Mrs. SHAHEEN. Mr. President, today I rise in support of an important 
small business amendment to the Credit Cardholders' Bill of Rights, 
amendment No. 1079. It would expand the truth in lending protections of 
this bill and cover our Nation's small businesses in addition to 
individual credit cardholders. I am proud to be a cosponsor of this 
amendment.
  I thank Senators Landrieu and Snowe, who are the chair and ranking 
member of the Small Business and Entrepreneurship Committee. I thank 
them for their leadership on this issue. I also thank Senators Dodd and 
Shelby for their tireless work on the Credit Cardholders' Bill of 
Rights.
  This legislation is important because, as we have heard Senator 
Dorgan say so eloquently, we can no longer allow predatory and 
misleading lending practices to jeopardize American consumer credit. 
Reform of the credit card industry is truly long overdue, and the 
members of the Senate Banking Committee should be commended for 
bringing such a strong bill to the floor. I look forward to supporting 
it. But we need to make a change in the bill because small businesses 
are critical to America's economic recovery, and in States such as 
mine, small businesses are the anchor of our communities and our 
economy, providing the jobs and the services that help families pay 
their bills and put food on the table.
  Unfortunately, many small businesses in New Hampshire and throughout 
the country continue to struggle in today's economy. That is forcing 
layoffs and slowing our path to economic growth. I have met with small 
business owners across New Hampshire. They are small business owners 
who have excellent credit histories, but they cannot access much needed 
credit because of this economic crisis. Many small businesses have seen 
their credit lines reduced or even eliminated on short notice, 
preventing them from restocking their shelves and investing in future 
growth. Unfortunately, more and more small businesses are relying on 
credit cards to meet their cash flow needs.
  I am proud to have led a successful effort to increase access to 
credit through the Small Business Administration's 7(a) Loan Program. 
But we must also ensure that small business owners have credit cards on 
which they can depend.
  The Credit Cardholders' Bill of Rights makes important changes that 
will protect consumers from unfair practices such as arbitrary interest 
rate increases and unfair credit terms. This amendment simply expands 
Truth in Lending Act protections to small businesses with 50 or fewer 
employees.
  As business owners across the country grapple with the economic 
recession, we must ensure that credit cards help, not hinder, our 
recovery effort. By protecting small businesses from unfair credit card 
practices, business owners will be better able to manage their cash 
flow, plan for future growth, and contribute to our economic recovery.
  I urge my colleagues to join me, Senator Landrieu, and Senator Snowe 
in support of this amendment.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from North Dakota.
  Mr. DORGAN. Mr. President, I ask unanimous consent to speak in 
morning business for 5 minutes.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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